US food group B&G Foods has booked a drop in third-quarter earnings but reaffirmed his fiscal 2013 guidance.
In the three months ended 28 September, earnings dropped 9.2% to US$15.4m on the back of debt and acquisition related costs. After taking into account $22.1m of after tax charges, adjusted net income increased 10.8% to $18.7m.
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Adjusted EBITDA increased 7.3% to $46m, while net sales grew 17.6% to $181.4m.
“Given current trends in the packaged foods industry, we expect growth in our base business to be challenging during the fourth quarter of 2013,” said CEO David Wenner. “We are taking actions to improve sales trends in our base business through new product introductions and selected pricing adjustments and are confident base business net sales will rebound and return to our more typical modest growth during 2014.”
B&G reaffirmed its adjusted EBITDA guidance for fiscal 2013 to a range of around $187m to $191m.
Click here to view the full earnings release.
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